Remitly Global, Inc. (NASDAQ:RELY) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Remitly Global, Inc. (NASDAQ:RELY) have received a consensus rating of “Moderate Buy” from the thirteen research firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $27.6667.

Several equities analysts have recently issued reports on the company. Weiss Ratings raised Remitly Global from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Citigroup reiterated an “outperform” rating on shares of Remitly Global in a report on Thursday, August 6th. Citizens Jmp boosted their price objective on shares of Remitly Global from $30.00 to $32.00 and gave the company a “market outperform” rating in a research report on Thursday, August 6th. Wolfe Research restated an “outperform” rating and issued a $31.00 price objective on shares of Remitly Global in a report on Thursday, August 6th. Finally, Zacks Research cut shares of Remitly Global from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th.

Insider Buying and Selling

In other Remitly Global news, Director Phillip John Riese sold 160,182 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the transaction, the director owned 361,094 shares in the company, valued at approximately $9,005,684.36. This represents a 30.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bora Chung sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $21.42, for a total value of $257,040.00. Following the completion of the transaction, the director directly owned 125,317 shares of the company’s stock, valued at $2,684,290.14. This represents a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 405,125 shares of company stock valued at $9,464,949 over the last quarter. 6.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Remitly Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Remitly Global during the 2nd quarter valued at $410,752,000. Generation Investment Management LLP bought a new position in shares of Remitly Global in the 2nd quarter worth about $109,637,000. Bank of America Corp DE lifted its position in Remitly Global by 471.7% during the 1st quarter. Bank of America Corp DE now owns 5,153,726 shares of the financial services provider’s stock valued at $80,759,000 after acquiring an additional 4,252,294 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in Remitly Global by 86.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,554,016 shares of the financial services provider’s stock worth $90,530,000 after acquiring an additional 2,567,446 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in Remitly Global by 74.4% during the third quarter. Marshall Wace LLP now owns 4,599,144 shares of the financial services provider’s stock worth $74,966,000 after acquiring an additional 1,962,076 shares in the last quarter. 74.25% of the stock is owned by hedge funds and other institutional investors.

Remitly Global Price Performance

NASDAQ RELY opened at $23.61 on Wednesday. Remitly Global has a 1 year low of $12.08 and a 1 year high of $27.15. The stock has a market capitalization of $5.00 billion, a PE ratio of 16.99 and a beta of 0.34. The business’s 50-day moving average is $22.35 and its 200 day moving average is $19.25.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million during the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the prior year, the company posted $0.03 EPS. Remitly Global’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Remitly Global will post 0.62 earnings per share for the current year.

Key Remitly Global News

Here are the key news stories impacting Remitly Global this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target for Remitly Global from $28 to $30 and maintained an “overweight” rating, implying substantial potential upside. The upgrade reflects confidence in the company’s growth prospects and remittance-business initiatives. StreetInsider analyst price-target article
• Positive Sentiment: A recent management discussion highlighted key initiatives, remittance-business performance and potential growth accelerators. While the transcript did not provide a new financial forecast in the supplied report, the focus on expansion and operating execution may reinforce the constructive investor outlook. Remitly Global initiatives and growth transcript
• Neutral Sentiment: Reported short interest was listed at zero shares, with a zero-day short-interest ratio. Because the figures show no measurable short position and the reported percentage change is not meaningful, this data offers little directional information for RELY.
• Negative Sentiment: Director Phillip John Riese sold 100,000 shares on August 11 at an average price of $23.73, reducing his direct ownership by 27.69%. The sale follows his disposal of 160,182 shares on August 7, representing a combined transaction value of approximately $6.37 million and potentially signaling profit-taking or reduced insider exposure. SEC insider transaction filing
• Negative Sentiment: Director Nigel W. Morris sold 8,938 shares at an average price of $25.43. The sale reduced his direct stake by only 0.47%, making it less significant than Riese’s transactions, but it adds to the recent pattern of insider selling. SEC insider transaction filing

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.